Friday, August 29, 2014

The
Bennett Property Shop Realty understands that Ottawa home ownership is a big
dream and a huge step for many people. Turning this dream into a fact or a
reality requires a lot of dedication and effort and anyone who wants to realize
it has to both financially and mentally commit to the project because buying a house
requires one to spend a lot of time and energy both when hunting for that
Ottawa home and afterwards when maintaining and managing it and paying off its
mortgage.

Since
the vast majority of home-buyers use the services of lenders, this article will
assume that the reader will borrow some money to buy their home and explains
what actions a buying borrower needs to do to better their borrowing success.

Strengthen Your Credit

The
first step towards home ownership is to strengthen your credit. The better your
credit, the better (i.e. the lower) the interest rate your will qualify for.
Make sure to pay off your credit cards and settle up any credit delinquencies
or disputes. Even if you cannot pay off
a card’s entire balance make sure that you pay the stated minimum payment by
the due date indicated on your monthly statement.Also, get a credit report so that you can
evaluate it and understand what the lenders will be looking at and basing their
lending decision on before you approach a lender for a loan.

Determine What You Can Afford

Figure
out how much you can afford for a house and how much you will be able to
borrow. Most people taking out loans for home ownership are expected to put
down 10% to 20% of the appraised value of a home. For example, if you have
$30,000, you can make a down-payment for a home that is worth $300,000 (with a 10%
down-payment) or $150,000 (with a 20% down-payment).

You also
want to calculate your projected housing expenses. Determine the average annual
costs for insurance, natural gas or oil, electricity and real-estate taxes in
your area. Add that to the price of the home you want to buy and also add how
much you are estimated to pay in closing costs (lawyer fees and land transfer
taxes etc.). You can either use an on-line mortgage calculator or make a
spreadsheet to calculate the total. If you find that the total is above 28% of your
gross annual income, then it is probably not a good time to get a mortgage.

Get Pre-approved

Now you are
prepared to seek the actual amount of money that you will need to borrow for
your new home. When you do apply to various lenders, submit all of these
applications within the span of a two-week period so that your inquiries do not
alter your credit report as repeated credit report requests (other than ones
that you request for yourself; and obviously each possible lenderwill request) have a negative effect upon
your credit rating. So that you have a realistic idea of what money you will
have and therefore what price range you can afford, make sure to do this before
you get in touch with a real estate agent. If you do qualify for a loan, make
sure to look at first-time buyers'
programs - which usually have lower down-payment requirements. These are
sometimes offered by various lenders and/or by various levels of governments.

Start House Shopping

To get a
sense of all your options, make sure to check out as many Ottawa homes for sale
and open houses and housing styles as possible. Do not make any rash decisions. In order to
help with this process, sign a buyer representation agreement with a well-known
local real estate agent, they can then sign you up for the Multiple Listing
Service (MLS), which is an “Alerting” service that helps you search for
properties in your desired areas by letting you know when a property becomes
available in an area in which you are considering buying.

Also,
find a real-estate agent who is knowledgeable about your target area to
represent you and work with you in your search process. Make sure to provide
him or her with every “must have” or “Must not have” detail of the home you are
seeking: such as the number of bedrooms, bathrooms, the size of the yard, whether
you want a garage, the overall layout (bungalow, duplex, town-home,
split-level), traffic and population densities, etc.

Scout
out the area in which you would like to live by visiting it at different time
of the day and week.Check out its
proximity to shopping, schools, public transportation, and other amenities that
you want. Also take note of the amount and the speed of vehicular traffic,
available parking, noise levels, and business and general activities in the
area and whether the neighbourhood is being up-graded by new residents or its
overall maintenance is drifting sideways or downwards. Once you have assessed
all these factors, then you will be far better informed as to how much and what
sort of house or in what neighbourhood you can afford and wish to make an offer
to buy.

Thursday, August 21, 2014

Whether you are buying a country property for the first time
or the tenth, you will realize that there are some differences when you buy a
property with features such as a well. Your Ottawa real estate agent will help
you understand the different things that you have to check before you have the
property transferred to your name.

One important thing that you will need to do is check the
Offer to Purchase Agreement drafted by your real estate agent. It is vital that
it includes a clause that allows you to test the water supply of the property.
This will help in determining if the water is safe for usage and human
consumption. Your agent will advise you against buying property in areas
surrounding Ottawa that are known to have water problems.

Ground water can easily become contaminated. Different human
activities lead to undesirable substances being added to the water. Such
substances when left on or under the ground cannot be moved and are added to
the water supply through the ground.

Ground water has been proven to cause the spread of the
effects of spills and dumps to other regions far beyond the original site of
contamination. There are two ways in which ground water can be contaminated:
either through point sources or through non-point sources.

Point sources include leaking septic tanks, landfills,
accidental spills and leaking gasoline storage tanks. Industrial waste disposal
sites and municipal landfills are two of the most significant sources of this
type of contamination. Non-point sources include any type of infiltration from
farms that are treated with fertilizers and pesticides.

You might also want to test the water supply for a high
content of sulphur, salt and iron. Your real estate agent will help you find
the best water testing companies in Ottawa. You will also need to test the flow
of water that is available for your family’s use.

If the property you are buying has a septic tank, it is
again of utmost importance that you have it inspected by a professional
engineer who deals with such systems. You might think that the inspection is
costly, but it will save you thousands of dollars in replacement or upgrading
the system in the future.

You do not have to go about getting the tests and
inspections done yourself before purchasing. If you are buying a property that
has a septic tank or a well, you can leave all these things to your Ottawa real estate agent. The agent will offer you the best care that is available and will
give you details at every step.

An admitted workaholic, Bennett was #1 for Keller
Williams International in 2010 (besting more than 80,000 other Keller Williams’
sales reps worldwide), before starting her own boutique agency in 2012; and has
consistently ranked in the top one per cent of salespeople in North America for
the last several years. She has a bachelor’s degree in law and economics, and
even back in 1981, in her first year of real estate, she was one of the top
agents in Canada.

While Bennett’s drive took her far on her own, her real estate business more
than doubled when she aligned herself with Craig Proctor Coaching. “I went to
my very first Craig Proctor Super Conference in Los Angeles in May 2010,” said
Bennett. “At that time, I was on target to be the #1 Agent for Keller Williams
International - but if the truth be known, I was mainly using - but was far
less than happy with - the “old school” real estate systems that just didn’t
fill our brokerage’s unique needs. But I had done a lot of research into
methods and systems that were being used by large and successful brokerages and
discovered that the common denominator of the most successful agents in my
market place was that they were all Craig Proctor students.”

Over the last four years, by gradually implementing and integrating Proctor’s
Quantum Leap Real Estate Success System with some of her brokerage’s existing
systems, and ultimately after joining Proctor’s elite Titanium Coaching group,
Bennett rapidly grew her business doubling her sales after opening her own
boutique brokerage in a beautiful heritage office building in downtown Ottawa.
“We now have 40 people on our team; and in one of the toughest markets that I
have ever experienced, we have grown our resale numbers by 58% over last year,”
said Bennett.

“If Marnie doesn’t inspire you,” said Proctor, “you’re tough to impress. We
selected Marnie as the recipient of the Daniel Passante Entrepreneurship Award
from among the brightest and best real estate agents from across North America
because she exemplified the same huge energy, intelligence, entrepreneurial
spirit, and dogged perseverance of the superb agent after whom the award was
named.”

“I was completely taken by surprise and am thrilled and honoured to receive
such a prestigious award and for being recognised for all my hard work and
dedication. For the last 33 years, my goal has always been to offer the highest
quality professional real estate services and to build the best real estate
brokerage which provides my clients with what we call “5-Star Service” and I
appreciate receiving this award as it shows that my colleagues recognize how
successful we have been in taking care of our clients’ needs,” said a grateful
Marnie Bennett.

ABOUT
THE AWARD

The Daniel Passante Entrepreneurship Award was created in May 2012 in memory of
an exceptional business leader and an inspiring Craig Proctor coach, Daniel
Passante, who tragically passed away on March 25, 2012. The award is presented
annually to the most innovative, inspiring, and successful team leader. Past
winners include Realtors Len Wong in 2012 and Rick Brash in 2013.

Craig Proctor Coaching is an International Real Estate Success Coaching
organization that has shaped the lives of over 30,000 Real Estate Agents across
the globe. Founder and CEO Craig Proctor designed the Quantum Leap Real Estate
Success System that underpins his coaching programs for his own highly successful
real estate business, only recently devoting 100% of his time to coaching other
agents worldwide. While an active agent (not a broker), Proctor consistently
sold over 500 homes a year for annual GCI of almost $4 Million. He was twice
named the #1 agent in the world for RE/MAX®, and was one of the top RE/MAX®
agents in the country for 15 years. As a Real Estate Trainer, Proctor has
coached more agents to Millionaire status than any other trainer. For more
information, visit www.ProctorRealEstateProgram.com

ABOUT THE BENNETT PROPERTY SHOP REALTY, BROKERAGE

The Bennett Property Shop Realty is a one-of-a-kind international boutique
brokerage in Ottawa, Canada whose business philosophy is based on exceptional
personal service, leadership and industry-leading and innovative policies and
practices. Bennett is an award-winning marketer and has become one of Canada’s
most highly-regarded Real Estate marketing and sales consultants and
strategists because her company provides a full scope of integrated services
that are customized to produce the highest possible degree of success for each
client. With a team of 25 elite sales representatives who routinely go above
and beyond the call of duty, the Bennett Professionals have built a steadfast
reputation for excellence in the nation’s capital where their clientele
includes Ottawa’s buyers and sellers, countless investors (including Ottawans
buying outside of Ottawa and foreign nationals investing in Ottawa properties),
as well as local and international developers. Turning this business into a
one-stop-real-estate-shop has proven to be no small feat for the Bennett team,
but a challenge which Marnie Bennett and her team enthusiastically take on.
With over 9,000 sales, and $3.1 billion in real estate sales, the Bennett
Property Shop hands down is the number one choice among discriminating home
sellers and buyers and real estate developers.

MORE ABOUT MARNIE BENNETT

Marnie Bennett is one of the capital’s most prominent businesswomen,
entrepreneurs and media personalities. Marnie’s personal life experiences have
given her the ability to address women with insight, empathy and compassion,
along with her trademark frankness.

From the beginning of her real estate career,
Marnie’s sales numbers were among the highest in Canada – which results
confirmed that this was the right fit for her particular gifts.

Recognizing that there was an ignored by critically-important niche to fill in
the Ottawa housing market, Marnie began her own boutique marketing and realty
firm in 1994 – a company that rapidly became a “one-stop shop” for numerous
local real estate developers, builders, property managers and investors. Her
passion for encouraging women has found expression as she coaches her team
members to develop and expand their talents, and as she mentors private clients
to take control of their financial futures. But most rewardingly, she’s watched
confidence levels steadily rise among clients who have taken part in her “Women
on Wealth” (WOW) workshops, learning skills that help them to make the most of
their hard-won earnings.

On the media front, unhappy with the “boys’ club” attitude of the local real
estate radio show, Marnie began the first of two radio shows. In the first,
Marnie offers real-world, practical and inspiring information and advice that
is easily understood to a broad range (by both age and financial savvy) to
listeners from different walks of life. In the second show, Marnie interviewed
various local entrepreneurs to elicit their secrets for success and to inspire
other would-be entrepreneurs “to get their ideas in motion”.

She’s also a frequent columnist in local
newspapers and magazines, offering fresh, down-to-earth advice that often
specifically addresses women home buyers at various stages of life.

In 2008, Marnie was named Ottawa’s Businesswoman
of the Year.

In 2010 Marnie was named #1 Realtor Worldwide
with Keller Williams Realty International distinguishing herself among 93,000
other sales representatives.

In February 2012, Marnie and her family opened a
boutique real estate brokerage in downtown Ottawa - just steps away from
Parliament Hill – The Bennett Property Shop.

The Bennett Property Shop is a unique real estate
firm that provides their clients with “white glove 5-Star service” and
meticulous attention to detail.

For further information, photographs or to set up
an interview with Marnie Bennett, please contact:

Tuesday, August 19, 2014

The first question you will ask yourself when you decide to
buy a home is if you should buy a new house or an older one? When you are
looking through Ottawa real estate properties, you are bound to get confused.
One thought that you may think is that older homes are built better than newer
ones. On the other hand, there are also many reasons that may incline you
towards choosing a new home over an old one.

Better Built

One thing you should know is that new technology has helped
improve the construction process as well as the building material used during
construction. Canadian Building Standards have improved drastically over the
years. Most new townhouses and detached houses include at least two full
bathrooms on the upper storey and a powder room off the entrance hall. Improved
kitchen standards and laundry areas have also made the new homes more
convenient and acceptable.

The concept of central air-conditioning was not available
for condos in the 1970s. Now, however, this has changed. Also, a home office is
another essential room that is now available in many new homes that wasn’t
available a few years back.

Less Maintenance Required

A new home won’t require much maintenance for at least the
first 10 to 15 years. This is usually because the building material used is
more advanced and long lasting. The presently used vinyl-clad window frames
don’t require frequent repairs unlike older wooden frames. Nor do you have to
worry about roof repairs with every change in weather. If you buy an old home, you will be worried about aluminum
wiring and steel or lead plumbing. The brick front also adds to the durability
of the new home.

Energy Efficient

Insulation standards have improved in all new homes and the
furnaces installed are more energy efficient nowadays. Since 1993, basement
insulation has become a common practice and the minimum ceiling heights have
also been increased. The flimsy windows have been replaced with double-glazed
casement windows that help keep the cold drafts out and the warmth trapped in.
The new Energy Star Program has helped bring down monthly energy costs for home
owners.

Tarion Warranty

This new warranty has provided an added protection for new
home buyers. It helps with all repairs and corrections that are required during
the initial years of the home.

All homes in Ottawa are required to meet safety standards
and smoke detectors are to be wired in with the updated electric systems. Older
homes will have to replace aluminum wiring, if it has not already been done by
the previous home owner.

Amenities

The newer communities in Ottawa are designed to make sure
that parks and playgrounds are within walking distance. Different environmental
factors have also been considered during the planning of these communities.
There are some builders who specialize in creating small communities where
children can grow up without worry.

Even with all these advantages, you will still have to cater
to the one most important fact before you buy a house – Location. You will find
that most of the best locations in Ottawa already have communities built and
the houses that are available are all resale. Therefore, check with your Ottawa real estate agent and find the best house for your family.

Friday, August 15, 2014

Once you find your dream home in Ottawa you will need to
look at your different mortgage solutions

Mortgage solutions are provided by many bankers and mortgage
brokers in Ottawa and other cities in Canada. Though there are many things you
have to consider about mortgage payments, there are a few questions that are
frequently asked by Canadians who are looking for a good mortgage plan and
payment solution.

Why hire a mortgage broker when the Bank is there?

When you deal with a bank for the mortgage solution, you are
bound by the list of products they have. It is possible that the list does not
have the best solution for you. Also, banks have to think about their profit margin
and will offer you the highest rate that is acceptable to you. A mortgage
consultant on the other hand will have a list of lenders and mortgage products.
You could potentially benefit from lower interest rates. However, if you are
buying a new home or condo that is not built and you require a pre-approval
letter, you must go through a bank, because a mortgage broker cannot guarantee
the rate for long enough.

What fee charges are involved?

Typically there is no fee. The lenders who receive your
mortgage application hand a certain amount of commission to mortgage
consultants. If your application is not accepted because of job instability or
bad credit, you are subjected to brokerage fee.

Do I have to wait for my mortgage to mature?

It is not a good idea to wait for that long. You should
inform your mortgage consultant around 4 months before the time of maturity of
your mortgage. During this time, the consultant can easily shop for other
mortgage rates and your mortgage will be easily transferred if there is a
possibility.

I recently heard of Mortgage Loan Insurance. What is it?

Mortgage loan insurance is required by law and is provided
by three major companies in Canada: AIG Insurance, Genworth Financial Canada
and Canada Mortgage and Housing Corporation (CMHC). Do not confuse this with
mortgage life insurance. Here the lenders are ensured against default on
mortgages with an 80% ratio of loan to value. Borrowers pay insurance premium
between 0.5% and 3.7% which is directly added to the mortgage account.

What is a high-ratio mortgage and how is it different from
conventional mortgage?

Conventional mortgage is the typical mortgage where the down
payment is equal to 20% or more of the property’s purchase price and there is
no mortgage insurance required for it.

High-ratio mortgages are where the down payment is less than
20% of the purchase price. You are required to attain mortgage loan insurance
from one of the three companies that provide insurance. The borrower is allowed
to purchase the house with a small amount of down payment and the lender is
also protected with the loan insurance.

What form of down payment is acceptable?

If you have cash, then it is good. If, however, you do not
have cash, you can use:

•Accumulated
savings

•Sales
proceeds that you gain from an existing house

•Your
Registered Retirement Savings Plans (RRSP). Up to $20,000 can be used for down
payment and if it is repaid within 15 years it will not be subjected to income
tax.

Bennett Property Shop Realty

About Us

The Bennett Property Shop Realty is a one-of-a-kind boutique real estate brokerage in Ottawa, Canada, whose business philosophy is based on exceptional personal service, leadership, industry-leading innovative policies, and practices. At our core, we're a family-run business and our sales representatives are an extension of that family. Our team of professionals wear the Bennett name with pride with a full administrative staff, customer care department, and management team. The sales representatives on our team are supported by each department to ensure that our clients are serviced with a 5 star rating.

Our broker, team leader, founder, and shinning-star, Marnie Bennett, is an award-winning marketer who is one of Canada's most highly-regarded Real Estate marketing and sales consultants. With a team of 20 elite sales representatives who routinely go above and beyond the call of duty.Buying, selling, investing or marketing; residential or commercial; new construction or resale properties: wherever your interests lie, we have the expertise. Our sales volume speaks for itself with over 9,000 homes sold for top dollar since 1994 and over $3.1 Billion in residential sales.

In addition to our stellar 20 member real estate team, we have a committed marketing department that services builders and developers with innovative and result-driven marketing strategies. As a mark of both our initiative and achievement, we've forged ongoing business partnerships with top builders and developers from Ottawa, Toronto, and Montreal.